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Howard
Super Nomad
Posts: 2353
Registered: 11-13-2007
Location: Loreto/Manhattan Beach/Kona
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Mood: I'd rather regret the things I've done than regret the things I haven't done.
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Poor, poor Slim. I guess telephone rates will be going up
The Mexican billionaire’s stock portfolio, measured in U.S. dollars, has dropped about 9.5 percent since July 29 and is valued at about $64.4 billion,
according to data compiled by Bloomberg. That compares with a 7.2 percent slide in the Standard & Poor’s 500 Index.
Slim, 71, has taken a hit as Mexico’s benchmark IPC index dropped 6.4 percent and the peso slid 2.3 percent against the dollar on concerns that the
flagging U.S. economy will hurt demand for assets in its southern neighbor. The removal of three of Slim’s companies from the IPC index has made
matters worse for the billionaire.
“He’s been particularly hurt by those companies leaving the IPC,” said Leon Cabrera, a trader at Mexico City-based Vanguardia Casa de Bolsa. “It
reflects the nervousness out there. It’s part of being in the market.”
America Movil SAB, the biggest wireless carrier in the Americas and Slim’s largest asset, has declined a relatively benign 6 percent this week. Its
Telefonos de Mexico SAB unit has been Slim’s only gainer in Mexico, rising 11 percent on the parent company’s offer to buy out minority shareholders.
The Standard & Poor’s index extended its decline today, falling 0.1 percent at close. The IPC rose 1.1 percent, and America Movil gained 1.1
percent.
Buying Opportunity
The drop in America Movil, which has fallen 20 percent this year as regulators seek to put a dent in its 70 percent share of Mexico’s mobile-phone
market, is an opportunity for investors to buy stock in a solid company, Cabrera said yesterday in a telephone interview.
Even measured in Mexican pesos, Slim’s holdings have dropped about 7.3 percent this week, a bigger decline than the broader Mexican market. Bolsa
Mexicana de Valores SAB, the Mexican stock exchange operator, said Aug. 2 that it would drop Slim’s Grupo Financiero Inbursa SAB, Inmuebles Carso SAB
and Grupo Carso SAB from the IPC index as part of an annual rebalancing.
Inbursa, Slim’s financial-services firm, slid 8.2 percent this week, while Inmuebles Carso, a real estate firm, declined 11 percent, and Grupo Carso,
a holding company with retail and construction units, fell 14 percent.
Slim was named the world’s richest man for a second year in a row by Forbes magazine in March. Bill Gates and Warren Buffett, second and third on the
magazine’s list, have had better weeks, at least for their biggest holdings.
Gates’s Microsoft Corp. (MSFT -1.00%, news) dropped 6.3 percent this week. Buffett’s Berkshire Hathaway Inc. (BRK/A) slid 3.9 percent.
Arturo Elias, a spokesman for Slim, declined to comment in an e-mail.
We don't stop playing because we grow old;
we grow old because we stop playing
George Bernard Shaw
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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Wow, those are some serious declines for the top 3, especially for Slim. When you do the math, that comes out to billions. I don't know how they can
hold themselves up. I mean, if I lost even one billion, I would be in deep doo doo. Thank God that I have never had such massive losses. I feel
very sorry for them.
Gee, I wonder what necessity they are going to have to do without? Their families must be reeling from the shock and what loosing several billion in
such a short period of time is going to mean to their personal finances. Can you imagine the kind of belt tightening those poor people are going to
have to do to make up for those massive losses? And to add salt to an open wound, there are some people out there that think that, inspite of such
losses, that they should be income taxed more heavily. Wow, is there no mercy for Slim, Buffet, or Gates?
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Roberto
Banned
Posts: 2162
Registered: 9-5-2003
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http://www.bloomberg.com/news/2011-08-05/slim-loses-8-billio...
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tjBill
Senior Nomad
Posts: 516
Registered: 10-6-2007
Location: Tijuana
Member Is Offline
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Everyone who owns stocks has lost about 10% in the last few days.
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toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
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Mood: Skeptical
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I guess Carlos Slim will have to cut back by eating out in restaurants less often. Maybe he could make fewer toll calls on his cell. 
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Oso
Ultra Nomad
Posts: 2637
Registered: 8-29-2003
Location: on da border
Member Is Offline
Mood: wait and see
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| Quote: | Originally posted by tjBill
Everyone who owns stocks has lost about 10% in the last few days. |
My 401k has been in the toilet more than a dozen years now. It's never even regained the amount of my original contributions. I don't count on it.
I don't even check on it anymore.
All my childhood I wanted to be older. Now I\'m older and this chitn sucks.
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
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Just another reason to extend the Bush tax cuts. Those poor rich folks.
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
Member Is Offline
Mood: Everchangin'
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the govmint has us right were they want us. it ain't going to end pretty. why are we building schools in afganistan and not in our country? now the
education czar is lowering testing standards for no kid left behind.... change? what a pathetic POS! this experiment the past 3 years has FAILED.
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Bajatripper
Ultra Nomad
Posts: 3148
Registered: 3-20-2010
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Aahh, I see my retirement plan of limiting my exposure to such calamities by having zero investments is paying off BIG.
There most certainly is but one side to every story: the TRUTH. Variations of it are nothing but lies.
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Bajatripper
Ultra Nomad
Posts: 3148
Registered: 3-20-2010
Member Is Offline
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| Quote: | Originally posted by MitchMan
Wow, those are some serious declines for the top 3, especially for Slim. When you do the math, that comes out to billions. I don't know how they can
hold themselves up. I mean, if I lost even one billion, I would be in deep doo doo. Thank God that I have never had such massive losses. I feel
very sorry for them.
Gee, I wonder what necessity they are going to have to do without? Their families must be reeling from the shock and what loosing several billion in
such a short period of time is going to mean to their personal finances. Can you imagine the kind of belt tightening those poor people are going to
have to do to make up for those massive losses? And to add salt to an open wound, there are some people out there that think that, inspite of such
losses, that they should be income taxed more heavily. Wow, is there no mercy for Slim, Buffet, or Gates? |
You know, Mitchman, people who don't know you will likely take you quite seriously. Bet the other Steve from our recent reunion will give you the
middle-finger salute should he read this
There most certainly is but one side to every story: the TRUTH. Variations of it are nothing but lies.
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Barry A.
Select Nomad
Posts: 10007
Registered: 11-30-2003
Location: Redding, Northern CA
Member Is Offline
Mood: optimistic
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| Quote: | Originally posted by Bajatripper
Aahh, I see my retirement plan of limiting my exposure to such calamities by having zero investments is paying off BIG. |
Hmmmmm, let me see here-------"zero investments" equals zero profits, and erosion by inflation-------sounds like a winning strategy to me. 
How is that working out for yu, long term?
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Bajatripper
Ultra Nomad
Posts: 3148
Registered: 3-20-2010
Member Is Offline
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| Quote: | Originally posted by Barry A.
| Quote: | Originally posted by Bajatripper
Aahh, I see my retirement plan of limiting my exposure to such calamities by having zero investments is paying off BIG. |
Hmmmmm, let me see here-------"zero investments" equals zero profits, and erosion by inflation-------sounds like a winning strategy to me.
How is that working out for yu, long term? |
Too early to tell. But--as the guy who just jumped off the cliff said--so far, so good.
There most certainly is but one side to every story: the TRUTH. Variations of it are nothing but lies.
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Barry A.
Select Nomad
Posts: 10007
Registered: 11-30-2003
Location: Redding, Northern CA
Member Is Offline
Mood: optimistic
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Excellent response, Tripper.
But, in checking my portfolios I find that right now I am just about even to where I was on Jan 1, 2011, so in a sense I am in the exact same boat you
are in profit-wise, but I was in a position to have "gains"(or losses) all that time, and you were not. I like my strategy better, and it has paid
off hansomely over the many years (40 +).
"No pain, no gain", and all that.
Just different strokes for different folks, I suppose.
May we both prosper.
Barry
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greengoes
Select Nomad
Posts: 10292
Registered: 6-27-2011
Member Is Offline
Mood: Today I slay the Red Dot.
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The Mexican Peso just hit 12.425 to the dollar..
Tiempo de fiesta.
3 peso note
who dat?
[Edited on 8-9-2011 by greengoes]
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BajaGringo
Ultra Nomad
Posts: 3922
Registered: 8-24-2006
Location: La Chorera
Member Is Offline
Mood: Let's have a BBQ!
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An Argentine dentist...
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toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
Member Is Offline
Mood: Skeptical
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| Quote: | Originally posted by MitchMan
Wow, those are some serious declines for the top 3, especially for Slim. When you do the math, that comes out to billions. I don't know how they can
hold themselves up. I mean, if I lost even one billion, I would be in deep doo doo. Thank God that I have never had such massive losses. I feel
very sorry for them.
Gee, I wonder what necessity they are going to have to do without? Their families must be reeling from the shock and what loosing several billion in
such a short period of time is going to mean to their personal finances. Can you imagine the kind of belt tightening those poor people are going to
have to do to make up for those massive losses? And to add salt to an open wound, there are some people out there that think that, inspite of such
losses, that they should be income taxed more heavily. Wow, is there no mercy for Slim, Buffet, or Gates? |
What the hell were you thinking, Mitch? Tax the Billionaires their fair share?  Better to suck the blood of the elderly and infirmed. They are much more vulnerable...easy prey...and politically expendable! You need a
good dunking in a teabag with boiling water, Man! Get a grip!
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Barry A.
Select Nomad
Posts: 10007
Registered: 11-30-2003
Location: Redding, Northern CA
Member Is Offline
Mood: optimistic
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Since the millionairs and "billionairs" are paying the lions share of the taxes now, it only makes sense to try and grab some more from those stingy
fat-cats who contribute NOTHING to ME and have all those goodies that WE WANT----------who cares if they move their assets overseas? Good riddance, I
say---------stingy so-and-so's!!!!
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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Let's cry crocodile tears for the rich. The top 2% have the vast majority of wealth in this country. If there's no pressure placed on them to share on
some level, the US becomes a serfdom.
http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
The Bush tax cuts on the wealthy are responsible for a huge percentage of today's debt. What is so wrong with letting them expire, which will only
bring their rates back to historic levels?
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Barry A.
Select Nomad
Posts: 10007
Registered: 11-30-2003
Location: Redding, Northern CA
Member Is Offline
Mood: optimistic
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Funny, as I look around me here in Redding, CA I am having a hard time seeing any "serf's"--------things look pretty prosperous in my neighborhood,
and beyond.
I must be delusional, tho.
It is pure envy, I say----------I WANT what they have!!!! (even tho "they" often worked hard and took many risks to get where they are, and
conducted their lives and work for the benefit of their families thru the generations)
But I agree with you Howard, that the concentration of wealth is way out of wack, but there are good reasons why that is so, and it is not all bad.
Still, it has gotten to the point that only the "rich" can afford to "support" the Government, and life-styles of the majority of Americans, and that
is a recipe for disaster in my book.
(this thread has gone OFF-Topic, so I will quit)
Barry
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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Hmmm. So we agree that the distrubution of wealth is not necessarily good for the country.
We probably agree on lots more than we disagree upon.
Just have to feel that eliminating the Bush tax cuts, which actually represent a huge amount of the US debt, would merely be going back to what
previously existed when we had a flourishing economy and a budget surplus.
An interesting aside is that Mexico's next presidential election is really going to be a referendum on that populist versus corporate thing. They will
have had eight years of corporate management, given that both Fox and Calderone are corporatists. They are the Wall Street answer to anything that
ails.
I just have to believe that despite the history of PRI being a form of socialist oligarchy, the Mexican people are just tired of the drug war and the
carnage.
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